By Dic Lo (auth.)
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Extra info for Alternatives to Neoliberal Globalization: Studies in the Political Economy of Institutions and Late Development
On the one hand, as Freeman and Perez (1988, p. ’ On the other hand, the nature of the transition is such that it requires a transformation of the skill profile, the profile of capital equipment, the consumption pattern, the financial system, etc. 6 What characterizes the new paradigm? The flexible specialization theorists are more willing than the regulationists to answer this question, because of their conceptualization of the transition as one of relative decline and rise instead of a general crisis.
The explanation is that, on the one hand, productivity increase gradually slowed down, as the gains achieved through upheaval of the labour process tended to reach their technical and social limits. On the other hand, the growth of wages continued because of workers’ militancy over low unemployment and state welfare protection. There followed the crisis symptoms 26 Alternatives to Neoliberal Globalization of profit squeeze, investment decline, and, eventually, the replacement of ‘Keynesianism’ by monetarism under the fiscal crisis of the state.
2002, 2003; Glaeser et al. 2001). To answer the question of institutional uniformity versus diversity, the new political economy devises an analytical framework that involves the trade-off between market failures and government failures. The analyses of two particular issues are illustrative of this strand. The first concerns the relative efficiency of two arrangements, the court vis-à-vis regulatory agents, in the enforcement of laws or contracts. It is argued that regulators, compared with judges, are typically faced with stronger but more biased incentives for enforcement.